Credit Rating Report

DBRS Morningstar Confirms Brazil at BB (low), Stable Trend

Sovereigns

Summary

DBRS Inc. (DBRS Morningstar) confirmed the Federative Republic of Brazil’s Long-Term Foreign and Local Currency – Issuer Ratings at BB (low). At the same time, DBRS Morningstar confirmed the Federative Republic of Brazil’s Short-term Foreign and Local Currency – Issuer Ratings at R-4. The trend on all ratings is Stable.

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